El Salvador offers free passports to boost economy through Bitcoin

El Salvador, known for its adoption of Bitcoin as legal tender, has unveiled a new initiative aimed at attracting skilled workers to boost its economy through cryptocurrency.

President Nayib Bukele has announced a $5 billion fund to grant citizenship to 5000 foreign professionals, including scientists, engineers, doctors, and artists. These individuals will receive passports granting them voting rights and will be exempt from taxes, tariffs, and other fees.

We’re offering 5,000 free passports (equivalent to $5 billion in our passport program) to highly skilled scientists, engineers, doctors, artists, and philosophers from abroad.

This represents less than 0.1% of our population, so granting them full citizen status, including…

— Nayib Bukele (@nayibbukele) April 6, 2024

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In addition to laying the groundwork for Bitcoin-centric projects, El Salvador has other Bitcoin-focused apparatus as well. The country has established a physical vault dedicated to secure Bitcoin storage and celebrated its first graduating class of a Bitcoin diploma program.

Bitfinex has also partnered with local entities to capitalize on El Salvador’s abundant geothermal energy resources for Bitcoin mining, positioning the nation as a key player in the industry. While the decision to adopt Bitcoin has sparked varied reactions, it undeniably thrusts El Salvador into the global spotlight.